X, Y and Z, carrying on business from 1980, decided to dissolve their partnership on June 30, 2018, when their Balance Sheet was as under:Y and Z agreed to form a new partnership to carry on the business and agreed that they shall acquire from the old firm the following assets at the amounts shown: Stock ₹40,000; Tools ₹5,000; Motor cars ₹25,000; Machinery ₹78,000; Freehold building ₹84,000; and Goodwill ₹60,000. The partnership agreement of X, Y and Z provided that trading profits or losses shall be divided in the ratio of 3 : 2 : 1 and that capital profits or losses shall be divided in proportion to their capitals. Debtors realise ₹59,000 and discount amounting to ₹720 is secured on payments due to creditors. Prepare the necessary accounts of X, Y and Z giving effect to these transactions and prepare the opening Balance Sheet of Y and Z who bring the necessary cash to pay X in the ratio of 3 : 2.

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Creditors Capital Accounts: X Y Z Liabilities ₹ 34,000 Cash Debtors 1,20,000 Stock 90,000 Tools 60,000 Motor Cars Machinery 3,04,000 Freehold building Assets ₹ 25,000 62,000 37,000 8,000 12,000 60,000 1,00,000 3,04,000